FRC Boss Optimistic on Revenue Growth, Budget Performance Under New Finance Minister
Oru Leonard
The Acting Executive Chairman of the Fiscal Responsibility Commission (FRC), Barr. Charles Chukwuemeka Abana, has expressed optimism that Nigeria’s revenue generation and budget implementation processes will witness significant improvements under the leadership of the newly appointed Minister of Finance, Prof. Taiwo Oyedele.
Barr. Abana stated this in Abuja during a courtesy visit by the leadership of the Chartered Institute of Public Diplomacy and Management (CIPDM), FCT Chapter, led by the Chapter Manager, Sarki Dogara, on behalf of the Institute’s National President and Chairman of Council, Prof. Mike Ikupolati.
During the visit, Dogara conveyed the goodwill of the Institute and congratulated Abana on his appointment as Acting Executive Chairman of the Commission. He described the FRC boss as a worthy ambassador of the Institute whose career reflects the values of integrity, accountability, professionalism, and strategic public engagement.
He noted that the Fiscal Responsibility Commission plays a critical role in promoting fiscal discipline and transparency in the management of public resources, adding that Abana’s legal expertise, leadership experience, and public diplomacy background would further strengthen the Commission’s efforts in advancing good governance.
Dogara said the visit was aimed at celebrating the Acting Chairman’s achievements and reaffirming the Institute’s commitment to partnering with the Commission in promoting accountability, transparency, and public trust in governance.
Responding, Abana commended CIPDM for its contributions to professional development and public sector transformation, noting that the Institute’s vision aligns with the mandate of the Fiscal Responsibility Commission.
He disclosed that the Commission has remained at the forefront of public financial management reforms and played a key role in the work of the Presidential Committee on Tax Reforms.
According to him, collaboration with CIPDM would further enhance the Commission’s capacity to deliver on its mandate.
Highlighting achievements recorded under his leadership in recent months, Abana said the Commission has strengthened the implementation of the Fiscal Responsibility Act, 2007, while also successfully conducting a management retreat that produced a new strategic work plan aligned with international best practices.
He further revealed that the Commission, in partnership with the Centre for Social Justice (CSJ), is implementing the second phase of the Fiscal Responsibility Index involving about 30 Ministries, Departments and Agencies (MDAs). The initiative is designed to assess compliance with the Fiscal Responsibility Act in areas such as planning, budgeting, budget implementation, and the preparation of financial and audited reports.
According to him, the exercise is expected to deepen the culture of fiscal responsibility, accountability, and transparency across government institutions.
Speaking on the Federal Government’s ongoing tax reforms, Abana said the Commission is actively supporting efforts to educate Nigerians on the benefits of the reforms. He noted that the FRC was fully involved in the work of the Presidential Committee on Tax Reforms under the leadership of Prof. Oyedele.
He commended the Finance Minister for his vision and commitment to improving government revenue generation, stressing that enhanced remittances through operating surpluses remain one of the Commission’s key mandates.
“The Commission is deeply interested in improving revenue generation for the country through enhanced compliance and remittances by government-owned enterprises,” he said.
Abana also warned government agencies seeking loans or other forms of borrowing to strictly comply with Sections 44 and 45 of the Fiscal Responsibility Act, 2007. He explained that the law requires agencies to clearly state the purpose of borrowing and provide a comprehensive cost-benefit analysis outlining the expected economic and social benefits.
He added that financial institutions are legally required to obtain evidence of compliance with these provisions before granting loans to government agencies and parastatals.
Expressing confidence in the future of Nigeria’s fiscal management framework, the Acting Chairman said the emergence of Prof. Oyedele as Minister of Finance presents a unique opportunity to strengthen revenue mobilization and improve budget implementation across government institutions.
He also called on CIPDM to support the Commission’s advocacy for the amendment of the Fiscal Responsibility Act, 2007, describing the proposed reforms as critical to strengthening fiscal governance and accountability in the country.
The visit ended with both organisations reaffirming their commitment to strategic collaboration aimed at promoting fiscal responsibility, transparency, and sustainable national development.
